LEAP India Stock Market Debut

LEAP India, a logistics solutions company backed by KKR, made an initial foray into the stock market on Friday, with its shares listing slightly above the price set during the IPO. The company’s shares began trading at Rs 165.90 on the NSE, reflecting a gain of 4.34% over the IPO price of Rs 159. On the BSE, the stock opened at Rs 166, a rise of 4.4%. This debut was lower than expectations in the grey market, which had predicted an increase of around 8%.

IPO Details

LEAP India successfully raised Rs 2,480 crore through its IPO, which was available for subscription from August 7 to August 11. This included a fresh issue worth Rs 480 crore and an offer for sale (OFS) of Rs 2,000 crore.

Subscription Rates

The IPO saw a strong demand, being subscribed 8.38 times overall, with institutional investors leading the interest. The qualified institutional buyer (QIB) segment was subscribed 16.84 times, while the non-institutional investor (NII) section was subscribed 12.64 times. In contrast, the retail segment was subscribed 1.71 times.

Use of Proceeds

As previously indicated by Startup Superb, LEAP India increased the size of its fresh issue from Rs 400 crore to Rs 480 crore as per its draft red herring prospectus (DRHP). The OFS was primarily managed by KKR-backed Vertical Holdings II, which intended to offload shares worth approximately Rs 1,999 crore. Of the funds raised through the fresh issue, Rs 360 crore will be allocated for repaying certain debts, while the leftover amount will address general corporate expenses.

Company Background

Founded in 2013, LEAP India is dedicated to offering pallet and container pooling along with material-handling solutions across various industries, including FMCG, pharmaceuticals, and e-commerce. As of the filing date for the red herring prospectus (RHP), Vertical Holdings II Pte. Ltd., under KKR’s backing, held the largest stake in the company at 73.78%. The founder, Sunu Mathew, retained a 21.07% ownership. Investors Sixth Sense Ventures, First Bridge Fund, and Madhurima International Pvt. Ltd. hold 1.41%, 1.21%, and 1% stakes, respectively.

Financial Performance

For the fiscal year concluding in March 2026, LEAP India reported an impressive 57% year-on-year growth in operating revenue, reaching Rs 730 crore from Rs 466 crore in FY25. Concurrently, net profits surged over 70% to Rs 63 crore.

At present, the KKR-backed company has entered the public market with a positive, albeit modest, debut.